Q1 FY27 Consolidated Financial Highlights

  • Revenue from Operations: ₹13.75 crore
  • EBITDA (Excl. Other Income): ₹1.65 crore
  • EBITDA Margin: 11.95%
  • Profit After Tax (PAT): ₹0.61 crore
  • PAT Margin: 4.42%
  • Basic EPS (Rs.): ₹0.27

Comparative Financial Performance

| Particulars (Rs. Cr) | Q1 FY27 | Q4 FY26 | Q1 FY26 | FY26 | FY25 |

| Revenue from Operations | 13.75 | 17.28 | 17.85 | 68.22 | 114.74 |

| EBITDA | 1.65 | 0.88 | 1.91 | 6.32 | 8.33 |

| EBITDA Margin (%) | 11.95% | 5.10% | 10.68% | 9.26% | 7.26% |

| PAT | 0.61 | (0.66) | 1.04 | 1.74 | 3.18 |

Order Book Update (as on 30th June 2026)

  • Net Order Book: ₹122.90 crore
  • Gross Order Book: ₹144.64 crore

Significant Orders Secured in Q1 FY27

  • Received a Maintenance & Inspection (M & I) order for Floating roof crude oil Storage Tanks at CPF Gandhar from ONGC valued at ₹44.66 crore (inclusive of GST).
  • Secured an order from Reliance for the Supply of Hoppers valued at ₹3.74 crore (inclusive of GST).
  • Secured three additional small orders aggregating ₹1.33 crore.

Order Book and Revenue Bifurcation

Order Book by Product (₹122.90 Cr):

  • Storage Tanks: ₹114.93 Cr (94%)
  • Vessels: ₹7.97 Cr (6%)

Order Book by Geography (₹122.90 Cr):

  • Gujarat: ₹47.21 Cr (38%)
  • West Bengal: ₹20.78 Cr (17%)
  • Maharashtra: ₹25.83 Cr (21%)
  • Haryana: ₹16.09 Cr (13%)
  • Other states (Ladakh, Orissa, Karnataka, Rajasthan): ₹12.99 Cr (11%)

Revenue by Product (₹13.75 Cr):

  • Storage Tanks: ₹12.43 Cr (90%)
  • Vessels: ₹1.32 Cr (10%)

Revenue by Geography (₹13.75 Cr):

  • West Bengal: ₹2.72 Cr (20%)
  • Maharashtra: ₹2.07 Cr (15%)
  • Haryana: ₹1.71 Cr (12%)
  • Gujarat: ₹5.04 Cr (37%)
  • Other states (Rajasthan, Orissa, Karnataka): ₹2.21 Cr (16%)

Management Commentary

Murtuza S. Mewawala, Chairman, stated the company delivered a "profitability-focused performance" in Q1 FY27. The focus remained on sustaining in the market and maintaining business efficiency. The management remains focused on prudent capital deployment, operational efficiency, and timely execution. With continued participation in tenders, incremental order accretion is expected in coming quarters, which should support revenue visibility and reinforce the company's presence with key public sector clients.

Business Overview

The company is a heavy engineering firm specializing in manufacturing process plant equipment. Its business segments include:

1. Process Plant Equipment Manufacturing: High-pressure vessels, heat exchangers, reactors, columns, and custom-built fabrications.

2. On-Site Engineering Projects: Fixed and floating roof storage tanks, mounded bullets, horton spheres, and fabrication/erection.

3. Maintenance & Inspection Services: Maintenance, inspection, and repair of crude oil storage tanks and process plant equipment.

The company caters to industries including Oil & Gas, Green Hydrogen, Petrochemicals, Chemicals, Pharmaceuticals, Power, Steel, LNG, and Fertilizers.

Manufacturing Facility

The company's facility is located in Murbad, Thane, on a ~5 acre plot. Key capabilities include:

  • Equipment Diameter: Up to 9 Mtrs
  • Equipment Length: Up to 120 Mtrs
  • Equipment Weight: Up to 350 Ton
  • Tube Sheet Thickness: Up to 300 mm
  • The fabrication bay is 4,000 Sq. M with supporting yards and bays.

Key Strengths and Clients

Key strengths include an experienced management team, a strong geographical footprint with exports, ASME U & R stamp certification, and strong brand value with repeat orders from long-term clients. Marquee clients include ONGC, Reliance, Indian Oil, BPCL, HPCL, and GAIL.

Industry Opportunity

The presentation highlights significant growth opportunities driven by India's soaring energy requirements, robust policy & investment climate, and accelerating refining & storage expansion. Specific opportunities mentioned are the expansion of Strategic Petroleum Reserves (SPR) and growth in sectors like steel, green hydrogen, and coal gasification, for which the company's heavy engineering and storage solutions are relevant.

Way Forward / Strategy

The company's stated strategy includes:

  • Bidding for projects aligned with its strengths and capacity.
  • Upgrading qualifications to participate in large-value tenders.
  • Leveraging upgraded manufacturing facilities for faster production.
  • Expanding customer base beyond Public Sector Undertakings (PSUs) to chemicals and steel.
  • Enlisting with overseas Project Management Consultants to increase exports.
  • Exploring manufacturing of equipment using exotic materials.